Campbell Corporation, an accrual basis calendar year corporation, had income of $450,000 for financial statement purposes in year 7. This amount included book depreciation of $50,000. The related tax depreciation was $65,000. Further, the financial statements reported $100,000 of municipal bond interest income, an expense of $2,000 for life insurance premiums on the corporation's president, charitable contributions of $5,000, excess capital losses over capital gains of $3,000, income tax penalties of $10,000, state income tax of $40,000, and Federal income tax expense of $175,000. What is the amount of Campbell's taxable income for year 7

Answer:

The amount of Campbell's taxable income for year 7 is $525,000

Explanation:

Accrual basis income                                    $450,000

Less: Excess depreciation as per                ($15,000)

tax purpose ($65,000 - $50,000)  

Less: Interest income                                    ($100,000)

Add: Federal income tax expense               $175,000

Add: Excess capital loss over capital gain   $3,000

Add: LIC on corporation president               $2,000

Add: Income tax penalties (not allowed)  $10,000  

Taxable Income                                              $525,000

The following is cash flow data for Rocket Transport: Cash dividend $ 86,000 Purchase of bus $ 45,000 Interest paid on debt $ 25,000 Sales of old equipment $ 63,000 Repurchase of stock $ 58,000 Cash payments to suppliers $ 95,000 Cash collections from customers $ 360,000 a. Find the net cash provided by or used in investing activities. (Input the amount as positive value.) b. Find the net cash provided by or used in financing activities. (Input the amount as positive value.) c. Find the net increase or decrease in cash for the year. (Input the amount as positive value.)

Covan, Inc. is expected to have the following free cash​ flow: LOADING.... a. Covan has million shares​ outstanding, ​$ million in excess​ cash, and it has no debt. If its cost of capital is ​, what should be its stock​ price? b. Covan adds its FCF to​ cash, and has no plans to add debt. If you plan to sell Covan at the beginning of year​ 2, what is its expected​ price? c. Assume you bought Covan stock at the beginning of year 1. What is your expected return from holding Covan stock until year​ 2? a. Covan has million shares​ outstanding, ​$ million in excess​ cash, and it has no debt. If its cost of capital is ​, what should be its stock​ price?

2019 2018 Cash and equivalents $ 90 $ 75 Accounts receivable 275 300 Inventories 375 350 Total current assets $ 740 $ 725 Net plant and equipment 2,000 1,490 Total assets $ 2,740 $ 2,215 Accounts payable $ 150 $ 85 Accruals 75 50 Notes payable 140 165 Total current liabilities $ 365 $ 300 Long-term debt 450 290 Common stock 1,225 1,225 Retained earnings 700 400 Total liabilities and equity $ 2,740 $ 2,215 Income Statements: 2019 2018 Sales $ 1,885 $ 1,425 Operating costs excluding depreciation 1,250 1,000 EBITDA $ 635 $ 425 Depreciation and amortization 100 75 EBIT $ 535 $ 350 Interest 63 46 EBT $ 472 $ 304 Taxes (25%) 118 76 Net income $ 354 $ 228 Dividends paid $ 54 $ 48 Addition to retained earnings $ 300 $ 180 Shares outstanding 100 100 Price $ 25.00 $ 22.50 WACC 10.00 % What is the firm's 2019 current ratio

The following information is available for Pyle Garage for March 2018
BANK STATEMENT
HAZARD STATE BANK 215 MAIN STREET HAZARD, GA 30321 - Account number 62-00062 - March 31, 2018
Beginning balance 3/1/2018 $9,083
Total deposits and other credits 30,155
Total checks and other debits 25,110
Ending balance 3/31/2018 14,125
Checks and Debits
Check No. Amount
1462 $3,805
1463 1,693
1464 8,050
1465 2,951
1466 1,455
1467 6,230
DM 69
1468 860
Deposits and Credits
Date Amount
March 1 $1,150
March 2 6,554
March 6 4,987
March 12 6,219
March 17 6,013
March 22 2,134
CM 3,098
The following is a list of checks and deposits recorded on the books of Pyle Garage for March 2018:
Date Check No. Amount of Check Date Amount of Deposit
March 1 1463 $1,693 March 1 $6,554
March 5 1464 8,050 March 5 4,987
March 6 1465 2,951
March 9 1466 1,455 March 10 6,219
March 10 1467 6,230
March 14 1468 150 March 16 6,013
March 19 1469 1,546 March 19 2,134
March 28 1470 793 March 29 3,593
Other information:
1. Check no. 1462 was outstanding from February
2. A credit memo for collection of accounts receivable was included in the bank statement.
3. All checks were paid at the correct amount.
4. The bank statement included a debit memo for service charges.
5. The February 29 bank reconciliation showed a deposit in transit of $1,150
6. Check no. 1468 was for the purchase of equipment.
7. The unadjusted Cash account balance at March 31, was $13,060.
Required
a. Prepare the bank reconciliation for Pyle Garage at the end of March.
b. How the adjustments described above affect the cash account.

Andy is always looking for ways to make money fast. Lately, he has been trying to make money by gambling. Here is the game he is considering playing: The game costs $2 to play. He draws a card from a deck. If he gets a number card (2-10), he wins nothing. For any face card (jack, queen or king), he wins $3. For any ace, he wins $5, and he wins an extra $20 if he draws the ace of clubs. Report to two decimal places (e.g., X.xx - do not enter a $ sign). Find Andy's expected profit per game.

FIND HIM i have big reward also or you can add me king1ev151 and/or king1ev15 (roblox)

An economy has a monetary base of 1,000 $1 bills. Calculate the money supply in scenarios a - d. Then answer part e. a. All money is held as currency Money supply = $ b. All money is held as demand deposits. Banks are required to hold 100% of deposits as reserves. Money supply = $ c. All money is held as demand deposits. Banks hold 20% of deposits as reserves. Money supply = $ d. People hold equal amounts of currency and demand deposits. Banks hold 20% of deposits as reserves. Round to the nearest dollar. Money supply = $ e. The central bank decides it should increase the money supply by 10%. By how much should it increase the monetary base to accomplish this goal in each scenario? Monetary base increase = $

What are some different demographic segmentations Amazon can identify to understand customer behavior?​

What is the marginal propensity to consume when consumption changes from 7 to 6 and disposable income changes from 5 to 3? If disposable personal income is 10 and consumption is 12, what is personal savings? What does this mean? What is the multiplier when the change in equilibrium level of real GDP in the aggregate expenditures model is 9, and change in autonomous aggregate expenditures is 3? What is the multiplier when the marginal propensity to save is 1/3? What would happen to the marginal propensity to save when a tax cut was enacted causing the multiplier to change to 5?

Three mutually exclusive projects are being considered for a remote river valley: Project R, a recreational facility, has estimated benefits of $20 million and costs of $16 million; project F, a forest preserve with some recreational facilities, has estimated benefits of $26 million and costs of $20 million; project W, a wilderness area with restricted public access, has estimated benefits of $10 million and costs of $2 million. In addition, a road could be built for a cost of $8 million that would increase the benefits of project R by $16 million, increase the benefits of project F by $10 million, and reduce the benefits of project W by $2 million. Even in the absence of any of the other projects, the road has estimated benefits of $4 million.
A. Calculate the benefit-cost ratio and net benefits for each possible alternative to the status quo.
B. If only one of the seven alternatives can be selected, which should be selected according to the CBA decision rule?

On January 1, 2021, G Corporation agreed to grant all its employees two weeks paid vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2021, G's employees each earned an average of $720 per week. A total of 550 vacation weeks earned in 2021 were not taken during 2021. Wage rates for employees rose by an average of 7 percent by the time vacations actually were taken in 2022. What is the amount of G's 2022 salaries expense related to 2021 vacation time? Multiple Choice $396,000. $423,720. $0. $27,720.

Green Cabinets is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job Number 1478), as summarized below: Job Number:1478 Date Started: 4/07/20x8 Date Completed: 4/22/20x8 Description:Cherry kitchen cabinets AppliedDirect MaterialsDirect LaborManufacturing OverheadReq. NoAmountTicketHours AmountHoursRateAmount385$300 12816 $288 391 225 13023 426 395 150 13312 264 401 215 Total$890 Total51 $978 Cost Summary Direct Material Cost$890 Direct Labor Cost 978 Applied Manufacturing Overhead ? Total Cost ? Green Cabinets applies overhead to jobs at a rate of $12 per direct laborasked Sep 15, 2019 in Business by Jaanesblondehour.
a. How much overhead would be applied to Job #1478?
b. What is the total cost of Job #1478?c. What will be an ideal response?

Which of the following is not included in the typical pattern of behavior for a poverty-stricken person?
a.
higher crime rate
c.
higher standard of living
b.
higher divorce rate
d.
higher chance of being a victim of crime

The VP of Marketing reviews the target market's profile with you: "Our current target market is consumers who want to eat healthy and live an active lifestyle. We are focusing on consumers ages 18-34. In their limited free time, this market enjoys going to the gym, spending time outdoors, and playing sports. Household sizes are typically small, usually 1-3 people." "These consumers are willing to pay higher prices for functional foods and convenience foods. They also value natural ingredients and authentic foods." "These consumers are highly connected, social, and mobile, relying on each other to make decisions on products. Their media consumption is primarily through Internet-enabled devices: 90% of millennials use smartphones and tablets daily. Less than 15% of millennials have a current newspaper subscription." Given the target market's profile and needs and wants, which product do you recommend that In Fine Fettle launch first?
A. Turmeric soups.
B. Turmeric meal replacement shakes.
C. Turmeric gummies.

The management of Firebolt Industries Inc. manufactures gasoline and diesel engines through two production departments, Fabrication and Assembly. Management needs accurate product cost information in order to guide product strategy. Presently, the company uses a single plantwide factory overhead rate for allocating factory overhead to the two products. However, management is considering the multiple production department factory overhead rate method. The following factory overhead was budgeted for Firebolt:
Question not attempted.
1. Fabrication Department factory overhead $550,000.00
2. Assembly Department factory overhead 250,000.00
3. Total $800,000.00
Direct labor hours were estimated as follows:
Fabrication Department 5,000 hours
Assembly Department 5,000
Total 10,000 hours
In addition, the direct labor hours (dlh) used to produce a unit of each product in each department were determined from engineering records, as follows:
Production Departments Gasoline Engine Diesel Engine
Fabrication Department 3.0 dlh 2.0 dlh
Assembly Department 2.0 3.0
Direct labor hours per unit 5.0 dlh 5.0 dlh
A) Determine the per-unit factory overhead allocated to the gasoline and diesel engines under the single plantwide factory overhead rate method, using direct labor hours as the activity base
A measure of activity that is related to changes in cost. Used in analyzing and classifying cost behavior. Activity bases are also used in the denominator in calculating the predetermined factory overhead rate to assign overhead costs to cost objects.
Gasoline engine $_________ per unit
Diesel engine $_________ per unit
B) Determine the per-unit factory overhead allocated to the gasoline and diesel engines under the multiple production department factory overhead rate method, using direct labor hours as the activity base for each department.
Gasoline engine $_________ per unit
Diesel engine $_________ per unit

How does the tax benefit rule apply in the following cases?a. In 2015, the Orange Furniture Store, an accrual method taxpayer, sold furniture on credit for $1,000 to Sammy. The cost of the furniture was $600. In 2016, Orange took a bad debt deduction for the $1,000. In 2017, Sammy inherited some money and paid Orange the $1,000 he owed. Orange was in the 35% marginal tax bracket in 2015, the 15% marginal tax bracket in 2016, and the 35% marginal tax bracket in 2017.Orange Furniture must include _________ in gross income as the recovery of a prior deduction cost ________.b. In 2016, Marvin, a cash basis taxpayer, took a $2,000 itemized deduction for state income taxes paid. This increased his itemized deductions to a total that was $800 more than the standard deduction. In 2017, Marvin received a $1,600 refund when he filed his 2016 state income tax return. Marvin was in the 15% marginal tax bracket in 2016, but was in the 35% marginal tax bracket in 2017. How much must Marvin include in his gross income for 2017?________$.c. In 2016, Barb, a cash basis taxpayer, was in an accident and incurred $8,000 in medical expenses, which she claimed as an itemized deduction for medical expenses. Because of the 10%-of-AGI reduction, the expense reduced her taxable income by only $3,000. In 2017, Barb successfully sued the person who caused the physical injury and collected $8,000 to reimburse her for the cost of her medical expenses. Barb was in the 15% marginal tax bracket in both 2016 and 2017. What amount, if any, will Barb include in her 2017 gross income?___________$

The Corner Store currently has $3,600 in cash. The company owes $31,800 to suppliers for merchandise and $21,500 to the bank for a long-term loan. Customers owe The Corner Store $19,000 for their purchases. The inventory has a book value of $53,300 and an estimated market value of $71,200. If the store compiled a balance sheet as of today, what would be the book value of the current assets? A. $46,800 B. $55,600 C. $64,700 D. $75,900 E. $96,500

TB 01-85 Payment of accounts payable decreases both I...
Payment of accounts payable decreases both liabilities and assets.
True or False
True
False​

The Reynolds Corporation buys from its suppliers on terms of 2/19, net 50. Reynolds has not been utilizing the discounts offered and has been taking 50 days to pay its bills. Ms. Duke, Reynolds Corporation's vice president, has suggested that the company begin to take the discounts offered. Duke proposes that the company borrow from its bank at a stated rate of 17 percent. The bank requires a 10 percent compensating balance on these loans. Current account balances would not be available to meet any of this compensating balance requirement. a. Calculate the cost of not taking a cash discount. (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.
No. Account Title Debit Credit
101 Cash $ 19,000
126 Supplies 13,000
128 Prepaid insurance 3,000
167 Equipment 24,000
168 Accumulated depreciation
—Equipment $ 7,500
307 Common stock 10,000
318 Retained earnings 37,600
319 Dividends 7,000
404 Services revenue 44,000
612 Depreciation expense
—Equipment 3,000
622 Salaries expense 22,000
637 Insurance expense 2,500
640 Rent expense 3,400
652 Supplies expense 2,200
Totals $ 99,100 $ 99,100
1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.
2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $37,600 on December 31 of the prior year.

Which one of the following expenses would be denied as entertainment and would not be deductible?

Select one:
a. Sandwiches and coke were served during a 3 hour meeting that went from 11am - 2pm
b. The taxpayer employed a tea lady to serve staff hot drinks and biscuits, costing $18,000 in wages and $5,000 for food and drink.
c. Taxpayer paid entertainment allowances to his staff
d. The manager took clients to lunches at a restaurant costing $5,800

A certificate of ownership in a corporation is called

Caterpillar is a manufacturer of heavy machinery that is sold around the world. A growing business for this U.S.-based company are products that feature the company's name or logo. Branded merchandise is available in over 150 countries through agreements known as _____, in which, for a fee, Caterpillar allows other firms to use its name or logo on products such as hats, boots, apparel, and scale model replicas of its equipment. g

Edelman Engines has $14 billion in total assets — of which cash and equivalents total $120 million. Its balance sheet shows $2.1 billion in current liabilities — of which the notes payable balance totals $1.08 billion. The firm also has $7.7 billion in long-term debt and $4.2 billion in common equity. It has 300 million shares of common stock outstanding, and its stock price is $37 per share. The firm's EBITDA totals $1.554 billion. Assume the firm's debt is priced at par, so the market value of its debt equals its book value. What are Edelman's market/book and its EV/EBITDA ratios? Do not round intermediate calculations. Round your answers to two decimal places.

Prepare journal entries for the following transactions.
Aug. 4 Sold merchandise on account to S. Miller for $320 plus sales tax of 4%, with 2/10, n/30 cash discount terms.
6 Sold merchandise on account to K. Krtek for $210 plus sales tax of 4%.
10 S. Miller returned merchandise purchased on August 4 for $20 plus sales tax for credit.
13 S. Miller paid the balance due on her account.
15 K. Krtek returned merchandise purchased on August 6 for $40 plus sales tax for credit.
20 K. Krtek paid the balance due on his account.

Why are many goods sold in the United States produced
overseas, often in several countries?

Which of the following statements is false? a. Productivity is expected to improve as more economic activity is transferred to the Internet. b. Increased productivity can lead to higher manufacturing costs. c. Increased productivity is a concern for nations throughout the world. d. One way to reduce costs is to increase productivity. e. Productivity growth enables American business firms to compete more effectively with other nations in a competitive world.

Calfee Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Beginning inventories: Raw materials $ 40,000 Work in process $ 19,000 Estimated total manufacturing overhead at the beginning of the year $595,000 Estimated direct labor-hours at the beginning of the year 35,000 direct labor-hours Results of operations: Raw materials purchased on account $ 423,000 Raw materials (all direct) requisitioned for use in production $ 420,000 Direct labor cost $ 641,000 Actual direct labor-hours 33,000 direct labor-hours Manufacturing overhead: Indirect labor cost $ 143,000 Other manufacturing overhead costs incurred $ 531,000 Cost of goods manufactured $1,441,000 The ending balance in the Work in Process inventory account is:

BeeGood Honey recently expanded its distribution to include 74,600 households within the Southwestern United States in an area with a population of 300,000 people. Of these newly targeted households, 35,700 have previously purchased the category. Last quarter the region's total dollar sales for the honey category reported at $827,000, driven by the three largest brands: StingerSue, Sweetness, and BeeGood with sales of $304,000, $200,000 and $94,600 respectively. In the same quarter, unit purchases of BeeGood Honey brand amounted to 38,500 jars across the region. Among the 25,500 households that bought BeeGood, total purchases of honey were reported at 60,100 jars. What is BeeGood's Brand Penetration (%)

If you wanted to make sure a company has enough money available to pay its bills, which financial statement would be most helpful?
A. Balance sheet
B. Income statement
C. Statement of owners' equity
D. Cash flow statement